Quarterly National Accounts – Second Quarter 2014
1. Throughout the period 2010 to 2013, the quarterly GDP follows the same seasonal pattern every year. The production is relatively low in the first quarter, increases gradually in the two subsequent quarters and peaks in the last quarter before declining in the first quarter of the following year.
Quarterly growth rate by industry group
(i) First quarter 2014 over first quarter 2013
2. GDP growth for the first quarter of 2014 over the corresponding quarter of 2013 has been revised upward to 2.7% from 2.4% estimated in June 2014.
(ii) Second quarter 2014 over second quarter 2013
3. GDP growth rate for the second quarter of 2014 over the corresponding quarter of 2013 is estimated at 4.6%. The 4.6% growth in GDP during the second quarter of 2014 was mainly due to: “Manufacturing” contributing 0.7 percentage point, “Accommodation and food service activities” and “Financial and insurance activities”, each contributing 0.6 percentage point, “Public administration and defence: compulsory social security” contributing 0.5 percentage point, “Wholesale and retail trade; repair of motor vehicles and motorcycles” contributing 0.4 percentage point; and “Construction” registering a negative contribution of 0.3 percentage point.
Quarterly growth rates of components of expenditure
4. Total final consumption expenditure in real terms increased by 3.1% in the second quarter of 2014, higher than the 1.4% growth in the first quarter of 2014 (Table 4). Final consumption expenditure of households grew by 2.7% compared to 1.6% in the previous quarter while that of general government grew by 5.6% compared to a growth of 0.7% in the first quarter of 2014.
6. The decline of 5.7% in “Building and construction work” was due to contractions of 18.3% and 13.9% in “Residential building” and “Non residential building” respectively partly offset by a growth of 36.5% in “Other construction work”. The growth of 11.1% in “Machinery and equipment” is explained by growths of 12.3% in “Passenger car”, 28.6% in “Other transport equipment” and 8.5% in “Other machinery and equipment”.
7. Both exports and imports of goods and services registered positive growth during the second quarter of 2014. Exports of goods and services grew by 6.3% in the second quarter as opposed to a decline of 0.1% for the previous quarter while imports of goods and services increased by 2.2% in the second quarter of 2014 as opposed to a decline of 3.4% in the first quarter of 2014.
Quarter to quarter GDP growth (based on seasonally adjusted GDP)
8. Quarter to quarter GDP growth rates based on seasonally adjusted data show that the economy improved by 2.4% in the second quarter of 2014 compared to a growth of 0.8% in the first quarter of 2014.